Beef Prices Are Soaring Because of Texas Drought

A Texas drought has led to soaring beef prices. The drought has made it more difficult for Texas cattle owners to feed their cows. CBS This Morning says beef is now over $5 a pound on average nationwide. This is an 11% increase since 2012. We love how the commodities trader, Scott Shellady, wears a cow print jacket in this CBS This Morning interview about the rising beef prices. He says beef prices will remain high for two or three years after the drought because it will take that long for cattle raising conditions to return to normal. A Beef Magazinestory says USDA projections estimate 16% more beef cows in the next 10 years, so eventually the industry is expected to recover from the drought and the high feed prices farmers are currently facing. Take a look: